Red Oak ISD announced the district earned a Superior Achievement grade of ‘A’ on the 2022 Financial Integrity Rating System of Texas (FIRST) report. The rating is based on the financial data from the 2020-2021 fiscal year. ROISD scored 94 points this year; a four-point improvement over the score of 90 the past two years.
The FIRST system started in 2001 to include financial data in the Texas public education accountability system. The system provides for public transparency, assesses the financial management of a public school system, and ensures districts are striving for academic success both cost-effectively and efficiently.
The FIRST rating has been amended many times over the years; currently, ISDs can earn a maximum of 100 points on 20 financial indicators, up from 15 previously. Several indicators are pass/fail, some have 0, 5, or 10 pts., and others receive a formulated score that equates to points. A new type of indicator called a ‘Ceiling Indicator’ has been added to six questions.
ROISD passed all four critical indicators; indicators five, 10, and 15 were not included in this year’s calculation because of COVID impact in 2020-2021. Indicators 1-4 relate to the annual financial report submitted on time, an unmodified “clean” audit, bond payments submitted on time, and payroll withholdings made to appropriate agencies.
ROISD passed all five possible categories with the new ceiling indicator. The District also earned the maximum number of points on eight indicators. The ROISD Business Office continues to review the two indicators which were below the maximum points possible to achieve a higher score next year.
“Red Oak ISD strives to be financially responsible and fiscally transparent to our taxpayers,” stated CFO Bill Johnston. “This Superior rating is evidence of the District’s dedication to financial management and accountability.”